PGA Tour sponsors seek relief

tour’s growing list of unsold inventory. Ginn is signed through 2011 and has made no secret of its desire to get out of the deal after this year’s tournament, scheduled for the end of this month. The company also is trying to shed title sponsorships on the Champions Tour and LPGA. The tour is faced with a tough sell given the unsold inventory it already has in the marketplace, including a $3 million annual title deal for a new Fall Series event in Georgia and two $7 million annual sponsorships of the Presidents Cup. It also comes on the back of fallout in the auto and financial industries. Tour executives are also closely watching the merger talks between General Motors and Chrysler. GM’s Buick brand title sponsors two PGA Tour events and Chrysler titles the Bob Hope Classic. Those deals are set to expire after the 2010 tournaments. There is still no decision on what brand will be attached to the event in Charlotte after its lead sponsor, Wachovia, was bought by Wells Fargo. Despite speculation, Wells Fargo will automatically assume that deal unless the PGA Tour and the acquiring company mutually agree to part ways. “There’s no technical ability to get out,” said Jon Podany, head of sales for the PGA Tour. “The contract is ironclad.” The tour recently approached prospective sponsors on behalf of New York-based software company CA, which asked to get out of its title sponsorship of a World Golf Championship at the behest of a new management regime. After some minor financial concessions, said a source close to the situation, CA is now committed to fulfilling the remainder of its deal through 2011.